People wait in line to enter a job fair in Uniondale, New York. Photo: Reuters / Shannon Stapleton

US payrolls came in at +211,000 for April, a bit higher than the consensus estimate. Markets yawned, mainly because the growth of average hourly earnings year-on-year was only 2.5%, versus a consensus estimate of 2.7%. A revision of March earnings accounted for the difference.

10- and 30-year Treasury securities were down about 1/8 of a point, and the US dollar was largely unchanged. The household survey of employment conducted independently of the tally of establishments showed a 156,000 gain in employment, more or less in line with the headline number.

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